9/26/15

9/25/15

One of the standard Spanish guitar templates is the "buleria", a fast tempo rhythm that's preferred by many (your author included) because it gives the guitarist opportunity to riff and improvise, showing off their talent. And no talent was greater than Paco de Lucia's.

Something very special happens in this video; As usual I urge you to watch it all, the build-up is not only necessary for the full experience but marvellous in itself and the music is beautiful start to finish but in the last couple of minutes something clicks between Paco de Lucia and his cajón (the percussion instrument) player. Suddenly they lift off together, there's a fusion and the music goes interstellar. Watch how Paco can't take his eyes off him and then, with the crowd going nuts, there's a "wow, even for me that was good" moment that flashes across Paco's face.

For a company apparently controlled by a Peruvian lawyer, they have a very poor understanding of Peruvian law. Either that or they're deliberately trying to hoodwink the world into believing things about Peru law procedure that are simply not true.

Did you notice that nobody has the guts to sign off on that NR? Yup, not one "executive" on Team Hodges puts their name to today's message (you just get contact mails for the CFO and COO). That's very significant.

But the interesting stuff comes Sunday. Your humble scribe has got to the nub of the whole shebang and will explain all in IKN 333 due out Sunday evening. What I will say here is that Team Hodges doesn't have a leg to stand on and they now find themselves (rather than the company) in serious personal trouble, legally speaking. Close pals Daryl Hodges and Chuck Higgins may have got away with their nefarious asset-stripping game in other places and other years, but this time they've bitten off way way waaaaay more than they can chew. The only way they're not in Toronto crapping themselves right now is if they're very, very stupid people. It's a 50/50 call.

Or as reader BM put it to me a few hours ago in a mail:

I assume Diego Benavides is a member of THE Benavides family. The people at IRL must be living in some sort of alternate universe to think they can win a fight with him (them).

On Monday Glencore will announce that it's selling its Araguaia nickel property to Horizonte Minerals PLC (HZM.to) (HZM.L), owners of their own nickel project just next door. The price will be around $8m. You heard it here first.

Anyone who owns Trevali (TV.to) will know how keen Glencore suddenly is to get its hands on all the cash it can. Then again, anyone who owns Trevali is too dumb to have listened to all the warnings. Because karma.

TY A

Update: Source A now tells me the announcement might come on Tuesday rather than Monday. All the rest is solid. TY again, A.

9/23/15

As for Berra quotes, there are of course a ton to choose from but perhaps this one, from the time he joined an anti-homophobia/anti-transphobia association, is the one that we should remember first and foremost:

“Respect the game, respect others – that’s what I always learned in
sports. Whatever background or whatever you are, it doesn’t matter. Treat
everybody the same, that’s how it should be.”

IKN salutes Yogi Berra. The world is a better place thanks to his stay. Rest in peace, sir.

These individuals
are being investigated by the Criminal Prosecutor´s office of Lima (under
signed order No. 479-2015), on formal charges of diverse fraudulent
administrative acts, planned outside of Peru then executed in Peru against both
Peruvian companies.

The
investigations will demonstrate that the accused have violated Peruvian law,
assuming titles and attributing faculties to third parties in order to
administrate the companies, without following proper procedure or legal
requirements. The accused must present themselves in the Public
Ministry of Peru, in order to testify in regard to the illegal acts, which may
be extended in the wake of ongoing investigations. Their
presence will be required before Peruvian justice through established
mechanisms within international law and Interpol.

Daryl Hodges was
Executive President of Minera IRL Ltd between the 6 March and the 27 August
2015, until he was retired by a vote of more than 91% against his position by
the shareholders of the company. Jaime Pinto, Douglas Jones and
Robin Fryer are the current board, while Carlos Yrigoyen was initially named
Vice President of Administration and Finance of Minera IRL SA, then more
recently Controller of Minera IRL Ltd.

Minera IRL SA
operates the Corihuarmi Gold Mine and is the owner of Compañia Minera Kuri
Kullu SA, through which the gold project Ollachea will be developed. Ollachea
is located in Puno, where the Campesino Community of Ollachea named Diego
Benavides a Comunero Honorario (Honorary Community Member).

The charges were
presented to the Criminal Prosecutor of Lima on 8 September, thereby opening
investigations for 30 days.

Panoro Minerals (PML.v) today gave us a prime example of the morally bankrupt state of the Canadian junior mining industry, viathe NR on its updated PEA as linked here (with the word "updated" defined as "re-jigging the same numbers to try to make it look less worse than it is...and failing"). Thing is, you can update all you want but if you're forced to assume $3/lb copper to get to a 16.7% IRR when the metal sells for 20% less than that on the open market, it's a total waste of time.

Seriously, if I had $1.5Bn to spend on a copper investment and I sincerely believed copper was going back to $3/lb, why the merry hell should I spend it on this project? What you'd do is just buy a whole whack of finished article copper at $2.40/lb and make yourself an easy and clean 25% when it reaches your target price. Finish.

But I digress, this post was started to laugh hard at that snake oil salesman Luquman Shaheen and Panoro (PML.v), Fact is, five years ago Cotabambas was
a small high grade mineralized core surrounded by a weak porphyry halo with a
provincial town sitting on top of the pit zone. Today, Cotabambas is a small high grade mineralized core surrounded by the same
weak halo with the same provincial town sitting on top of the pit zone. And this is what's wrong with the Canadian junior scene. For years and years with umpteen millions of dollars spent, you've had whole
bunch of people working in a company who know, who flat out know and have known for years that
their project will never be a mine. The engineers have known this forever, so have the geols, so have the management and I'd hazard a fair guess that the camp kitchen staff would have heard enough to have worked it out for themselves too. But even though nobody has ever bothered to come clean and admit the obvious, that Cotabambas will never, ever, ever, ever be a mine they've kept ploughing on and lipsticking a pig of titanic proportions all the
same. And the reason: there's a paycheque at the end of every month.

"It's my
contention that things have to get worse in the copper space before they get
any better and that probably means a few headline-making corporate casualties
before the market turns around. One of the prime candidates for bankruptcy
protection is the highly leveraged CS.to so you may think this weekend's 76c
price is wildly cheap. I think the cheap is going to get a lot cheaper."

9/21/15

That conveniently, he'll be able to keep sucking his $15,000/month consultancy fee from the company for months while the case goes on. Yes indeed folks, the person who was voted down to the tune of 91.7% by the shareholders of the company is still drawing $15,000 per month from Minera IRL.

That despite the low gold prices mentioned, Corihuarmi is still profitable for the company and the real reason Hodges and his band of crooks want to close the mine down is to cover their tracks on their own criminal behaviour, i.e. destroying all drill core from the mine recently by dumping it in a landfill without getting a single permits to do so. Yes Virginia, that's very illegal. That and Corihuarmi is controlled by the local subsidiaries mentioned in the NR, which they can't usurp as easily as they did the corporate entity.

What there isn't:

That Daryl Hodges and Carlos Yrigoyen (the company controller, word used very loosely) also have criminal charges against their names in Peru and the moment Hodges steps onto Peruvian soil he's going to be arrested (which is going to make it fun when he has to appear in a Peruvian courtroom in order to press his claims against Benavides).

No wonder he wants to gag free speech, what with it interfering with his criminal activities and shining the light on the truth of the matter. Anyway,here's the NR:

LIMA, PERU--(Marketwired - Sep 21, 2015) - Minera IRL Limited ("Minera IRL" or the "Company") (IRL.TO)(MIRL.L)(MIRL.L)
announces that the Company has advanced the independent investigation
as described in the 24 August 2015 Press Release and, as a result, has
started the process of dismissing Mr. Diego Benavides, the former
interim CEO of the Company, from his role as President and General
Manager of the Company's two Peruvian operating subsidiaries, Minera IRL
S.A. and Compañía Minera Kuri Kullu S.A. Further, on the advice of
Peruvian counsel, criminal proceedings against Mr. Benavides have
commenced. Under Peruvian corporate law, the process of removing Mr.
Benavides from his controlling position with the Peruvian subsidiaries
may take several months; however, in the interim, to the extent
possible, the Company is taking steps to safeguard its assets in Peru.

Following
this temporary compromise of control within the Peruvian subsidiaries
the Company requested a precautionary suspension from trading on AIM.
The suspension will remain in place until such time the Board is
satisfied that appropriate control has been re-established. The Company
will provide updates on the management of the two Peruvian subsidiaries
as they become available.

Corihuarmi Update

The
lower gold price in 2015 has adversely affected the profitability of
the Company's low-grade Corihuarmi mine, which has been in operation
since 2008, but is nearing the end of its mine life and has imposed
further stress on the Company's financial situation, particularly its
working capital position. The board is currently evaluating alternative
scenarios for the mine in advance of discussions with its lenders. The
Company expects to make a further announcement in the near future.

About Minera IRL Limited

UPDATE: Or in the words of one unsolicited Canada-dwelling mailer this evening:

What this says to me is, "don't ever invest any money with anyone even
vaguely associated with these people ever again, because they will hold
your money hostage while they sack the company and try to jail its
respected local manager."

Today's the first day of spring (primavera) down this neck of the woods, which is a decent excuse to stick some Manu Chao on the blog. In concert of course (2008 in France to be exact) because there's no better live act on the planet.

If all of a sudden you can't access posts via incakolanews "dot ca", that's because the cowards at Minera IRL in Canada, led by the arch-scumball Daryl Hodges (even though he was kicked out of the company by its shareholders in a 91.7% contra vote) don't want you to read the truth about their nefarious ways, their pathetic track record and their enormous and ethically disgusting conflicts of interest with Fasken Martineau.

But the good news is that they won't be able to do a thing about access via incakolanews "dot com", so just change the URL and it'll all be there for you. Either that or sign up to the 100% free daily digest e-mail service in which you get all the day's posts sent to your inbox in a mail the next morning, because the cockroaches won't be able to touch that either.

I could do the good old Ottotrans but it's best to speak plainly on this one. What theband of usurpers around Daryl Hodges are saying with this NR today is simple: The board of directors that Hodges hand-picked to steal the company has no control over the real day-to-day workings of IRL so instead of doing the decent thing (something scumbags will never do), they're going to make shareholders suffer.

This is all they have left, it's last dice desperation stakes and when (not if, but when) this board comes up against a vote you can be in no doubt what's going to happen to them. They've signed their own arrest warrant and today's move marks the beginning of the end of the sordid involvement of Hodges and his assorted crooks. The sooner it's over, the better.

9/20/15

IKN332 has just been sent to subscribers. Selling a position, cutting the price target on another and fishing for a potential new near-term trade as long as the price is right. Plus news and views and politics and another giggle at CNL. And the latest around the IRL saga, just to keep that scumbag of scumbags Hodges on his toes.

Reader MP (ty sir) sends alongthis report in Canada's Financial Post and it's worth your eyetime. For one thing it's written by Peter Koven, so just the byline means it's going to be quality. For another it's a genuinely interesting look at the way a bunch of Canadian located junior gold producers are bucking the trend and making money in the current environment.

The report centres on Kirkland Lake (KGI.to), but there are other companies mentioned too. Here's a snippet to whet your appetite:

But Kirkland Lake Gold righted itself and is now thriving amid a much weaker gold price. And it isn’t alone. Other small and medium-sized Canadian gold producers in the region, such as Detour Gold Corp., Lake Shore Gold Corp., Claude Resources Inc. and Richmont Mines Inc., have staged impressive turnarounds after being left for dead by many investors two years ago

Third Place: "Lake Shore (LSG.to) 144 Gap". This was a short post that made positive noises about the Lake Shore Gold drill results, out that morning. As it happened LSG managed to put in a decent rally last week, helped along by these numbers. So all is not lost out there.

First Place: "Oh wow Janet we're all rich...". This was a silly one line post which isn't worth clicking over and seeing. But it got the top spot because it was the only thing I posted that day so attracted more hits. Sometimes I just don't feel like posting things.

Total Pageviews

The information and opinions contained within this site reflect the personal views of Inca Kola News and therefore all material within should not be construed as accurate or reliable or be utilized as advice for investment or business purposes. Independent due diligence and discussions with ones own investment and business advisors is strongly recommended. Accordingly, nothing on this site should be construed as offering a guarantee of the accuracy or completeness of the information contained herein, as an offer or solicitation with respect to the purchase or sale of any security or as an endorsement of any product or service. All opinions and estimates included on this site are subject to change without notice. All content may be reproduced under fair use doctrine providing proper credit and a return link is made to this site.